Home Property in Latvia
How to buy a house in Latvia?
Here you will find the detailed information about real estate purchasing in Latvia:
- the right way to choose the property and to effect the deal;
- property taxes and duties that should be paid;
- everything about home loans in Latvia;
- home property management and renting;
- rental, commercial properties and related investment properties.
Real estate for sale
Most recent offers from house owners in Latvia and from real estate agencies. Advertisements with the fixed price and auctions are listed here.
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Foreigners are authorized to purchase both residential and commercial property in any region of Latvia ranging from resort zones to remote locations. Buyers are mostly attracted to Latvian real estate in such major cities as Riga and Jūrmala.
In August 2014, the average price for a square meter in regular apartments in Riga amounted to €602. A one-room apartment in good condition can be purchased for €23 000–€30 000. A two-room flat is worth €30 000–€40 000, a three-room flat – €35 000–€48 000, while a flat with four rooms – €41 000–€50 000. A regular apartment in a less than decent condition can be purchased for €400–450 per sq. m.
Apartments on the primary market cost around €150 000–€180 000. The average price for apartments in the center of Riga is €2450 per sq. m. Starting price for a square meter in Old Riga is €3500. New apartments for the middle class costs about €1300–€2300 per sq. m. For example, a three-room apartment with an area of 100 sq. m. in the residential complex “Pardaugava Forest Park” in Riga is available for €115 000 (in finished condition) or €90 000 (in shell condition).
Prices for apartments in Latvia
Speaking of moderately priced houses, they are mostly located in the central and southern parts of the country far from popular resorts and the coastline. For instance, a small house with an area of 43 sq. m. in the center of Varakļāni is worth around €13 000. A single-storey 50 sq. m house with a land parcel (900 sq. m.) outside of Jelgava goes for €17 000.
A 76 sq. m. house and a large land parcel (1259 sq. m.) in Jelgava costs about €20 000–€22 000. A 76 sq. m. two-storey house with a land parcel (600 sq. m.) 2 km away from the sea in the vicinity of Saulkrasti can be purchased for €35 000. An 830 sq. m. two-storey house with a 3645 sq. m. land parcel outside Riga on the shore of picturesque Lake Baltezers is worth around €600 000. The same price is set for a 266 sq. m. three-storey house with a 533 sq. m. land parcel in Jūrmala just 1 km away from the seashore.
Prices for houses in Latvia
Wealthy clients may also find interesting real estate options in Latvia. Flats in premium residential complexes in Riga range from €3000 to €4000 per sq. m. For instance, a 119 sq. m. three-room apartment in finished condition can be purchased for €497 000. A two-room apartment in Jūrmala goes for about €2000–€2500 per sq. m. A private house with an area of 300 sq. m. and a 2000 sq. m. land parcel is worth about €300 000–€350 000.
There are certain restrictions on real estate purchase in near-border regions, conservation areas, and territories of state significance.
After you’ve chosen a piece of real estate in Latvia you’d like to buy, you have to open a bank account, which you will use to make all payments related to the transaction. In most cases, real estate acquisition is preceded by entering into a preliminary agreement. This document includes information about the parties, including their bank account details and personal data, as well as property value, payment method, terms of transaction and deposit amount.
A deposit, which buyer has to pay upon signing a preliminary agreement depends on the amount of transaction. It is usually not less than 1000 Euros. If buyer cancels the deal, he or she does not get the deposit back. If the deal is cancelled by seller, the deposit is returned in twice the amount.
After that buyer has to pay Latvian real estate tax, which is 2 % of total property value.
Sale and purchase agreement
The next step is to sign a sale and purchase agreement.
When purchasing real estate in Latvia, both parties sign a sale and purchase agreement, and then buyer transfers the payment for property to the seller’s account.
According to Latvian law, sale and purchase agreement is not mandatorily certified by a notary. In case buyer is not in Latvia at the time of execution of the agreement, he or she may sign the agreement at the embassy of Latvia in any country of stay.
In order to obtain title of ownership in Latvia, it is necessary to carry out property registration. In order to get that done, an application if to be first certified by a notary and then submitted to the land registry office. Land register is a single publicly available database of real estate. The extract from this register confirms title of ownership and takes 14 days to be issued.
There is no real estate purchase tax for both foreigners and residents of Latvia. However, real property acquisition involves some additional expenses. These are not too cumbersome, but obligatory. According to law, real estate registration in Latvia is liable to the following charges:
- fees for opening a bank account – up to €200, depending on the terms of a particular bank;
- notary fees for contract preparation may vary from €140 to €215;
- registration in the National Land Register – €43;
- stamp duty on real estate purchase – 2 % of transaction amount (no more than €42 000);
- land registry office charges – €21.